Paytm Money raises Rs 40 crore from One97 Communications

By

Isabelle Crossley

Published
Sep 19, 2019

Paytm Money has raised Rs 40 crore ($6.01 million) from One97 Communications as the digital payments business continues as a wholly owned subsidiary of the mobile-internet company.

Paytm Money has received a fresh funding injection from One97 Communications, the Press Trust of India reported. Paytm Money’s board of directors passed the resolution to approve the funding and allot shares to One97 Communications on September 12. Paytm Money allotted four crore equity shares to One97 Communications at the company face value of Rs 10 per share, according to the business’ filing at the Ministry of Corporate Affairs. 

"We continue to be a wholly-owned subsidiary of One97 Communications, and over the next 18-24 months expect investments of Rs 250 crore from Paytm," Paytm Money’s managing director and CEO Pravin Jadhav told the Press Trust of India. 

The recent Rs 40 crore investment will be put towards Paytm Money’s products, technology, and expanding its team as well as setting up new business verticals, said Jadhav.

"We look to further expand the mutual funds business and step into new verticals like stock trading and NPS within this financial year," he said.